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Bancolombia review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Bancolombia pairs an everyday account with a monthly fee of COP 0 and a card with no annual charge, so it suits people in Colombia who want plain daily banking rather than points. The savings account pays a headline rate of 0.05%, which is the case for holding a balance.

Key facts

Best for
A fee-free Colombian everyday account that also pays a variable savings rate.
Monthly fee
COP 0↗
Card type
Debit↗
Card network
Mastercard↗
Currencies
2↗
Legal entity
Bancolombia S.A.↗
Headquarters
Colombia↗
Founded
1875↗
Support channels
Chat, Phone, Help-centre, Community↗
Features
Virtual card, Travel
Audience
Business, Kids
Official website
bancolombia.com

Credit cards

Annual fee
COP 0↗
Rewards type
None↗
Perks
20% discount at selected restaurants via the American Express Dining Program, Weekly offers and benefits on the card, Switch the card on and off in the Mi Bancolombia app, Monthly instalment (up to 36 months) can be reduced or changed↗
Card kind
Credit↗
Pricing model
No annual fee

Savings

Headline rate
0.05%↗
Rate type
Variable↗
Minimum deposit
COP 0↗
Access terms
Move money from $0 and withdraw at more than 33,000 ATMs and banking correspondents↗
Account kind
Easy access↗

Loans

Lender type
Direct lender↗
Loan types
Personal↗

Mortgages

Initial rate
14.4% to 14.5%↗
Fixed period
5 to 20 years↗
Maximum loan to value
70% to 80%↗
Product fee
COP 0↗
Purpose
Purchase, Remortgage↗

Facts checked September 26, 2026, 11 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaXLinkedInyoutube.com

Pros and cons

Pros

  • The account carries a monthly fee of COP 0 and a minimum deposit of COP 0, so it can be opened with nothing in it.
  • Across the listings the median headline rate is 3%, and the savings account pays 0.05% on a variable basis.
  • Card extras are practical: virtual card and travel covers a virtual card and a travel benefit, and the card can be switched on and off in the app.
  • Help is broad, running on chat, phone and help centre: chat, phone, a help centre and a community.

Cons

  • Rewards come to nothing: the card's rewards type is none, so everyday spend earns nothing back.
  • The savings rate is variable, so there is no fixed deal to lock in if the bank's pricing moves down.
  • Support runs on chat, phone and help centre only, with chat, phone, a help centre and a community, and no email channel.
Bancolombia

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Scored 9.6 / 10 by SumCue.

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Who it suits

  • People in Colombia who want an everyday account with a monthly fee of COP 0 and a card with no annual charge.
  • Savers who are relaxed about a variable rate and want easy access to a wide network of ATMs and banking correspondents.
  • Businesses and parents, the audiences the bank names in business and kids.

Who should look elsewhere

  • Anyone choosing a card on rewards: the rewards type is none.
  • Savers who need a locked-in rate: the rate type is variable.
  • People who need many currencies at once: the account covers 2.

Rates and terms

The savings account pays a headline rate of 0.05% and the rate type is variable, so the rate is not locked for a set period and can change when Bancolombia revises its pricing. A variable rate is worth lining up against fixed deals elsewhere, because it trades certainty for flexibility and the return on offer now is not promised for later.

Who runs it

Bancolombia is run by Bancolombia S.A., headquartered in Colombia, and the group's history goes back to 1875. Support runs on chat, phone and help centre, so help comes through chat, by phone, from a help centre and from a community forum rather than from one channel alone.

How Bancolombia compares

Where Bancolombia is available

Available
Colombia

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does it cost to open and run the account and card?+

The savings account has a monthly fee of COP 0 and a minimum deposit of COP 0, so it can be opened with nothing in it. The card's annual fee is COP 0 and the product fee charged on lending is COP 0, which keeps entry costs at the free end of the listings.

How do I withdraw cash, and what card network is used?+

Cash can be taken out across a wide network of ATMs and banking correspondents, so a branch is not always needed. The card runs on mastercard and the card type is debit, meaning it draws straight on the account balance rather than on a credit line. The savings account is easy access, so money comes out without waiting.

What interest rate do I get on savings?+

The savings account pays a headline rate of 0.05% and the rate type is variable. A variable rate can move with the bank's pricing, so it is worth watching rather than locking in for a set period. Across the listings the median headline rate is 3% and the upper quartile reaches 4.15%.

Does the card pay anything back for spending?+

Very little, because the rewards type is none. The value sits in the benefits instead: a discount at selected restaurants through the American Express Dining Program, weekly offers and benefits, and instalments that can be reduced or changed. A restaurant discount suits frequent eaters more than occasional ones.

Can I control the card from my phone?+

Yes, the card can be switched on and off inside the Mi Bancolombia app. The listed card features, virtual card and travel, add a virtual card and a travel benefit, while the benefits in 20% discount at selected restaurants via the American Express Dining Program, Weekly offers and benefits on the card and Switch the card on and off in the Mi Bancolombia app put the dining discount and the adjustable instalments in the same place.

Who is the bank aimed at?+

The stated audiences are business and kids, so the range is built around business and family money rather than investors. The savings side is an easy access account paying a variable rate, and lending comes straight from the bank as a direct lender rather than through a broker.

Can I borrow from the same bank?+

Yes, as a direct lender offering personal loans with a product fee of COP 0. Housing lending covers purchase and remortgage at an initial rate of 14.4% to 14.5%, fixed for 5 to 20, with a maximum loan to value of 70% to 80%. Borrowers shopping around should line that initial rate up against fixed deals elsewhere.

Sources

Compiled from 11 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.

Bancolombia

Bancolombia

A fee-free Colombian everyday account that also pays a variable savings rate.

9.6/10See alternatives